Section 4
Definition of “partnership”, “partner”, “firm” and “firm name”.
The Indian Partnership Act, 1932
About this Act
An Act to define and amend the Law Relating to Partnership.
"Partnership" is the relation
between persons who have agreed to share the profits of a business carried on by all or any of them acting
for all.
Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name".
Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name".